What to do if you can’t afford college now

The coronavirus outbreak has wreaked havoc on colleges and students. For universities, the lack of tuition fees for months on end has caused serious financial problems. As a result, some schools may even go bankrupt.

Students, on the other hand, are having trouble paying for college. Their parents have been laid off (losing their annual income) or furloughed, they’ve lost their work-study jobs, and many aren’t sure they’ll be able to afford the monthly college payments due next semester — on top of the worries they already had about accumulating debt. students.

If you’ve fallen on hard times and are worried about paying for college, these solutions can help.

The first step is to maximize your federal financial aid. If you have not yet completed your FAFSA, go to StudentAid.gov and do so as soon as possible. If you have completed a FAFSA in the past, log into your StudentAid.gov account and review it to reflect any changes to your family’s personal finances. This may qualify you for additional scholarships and grants that you were not previously eligible for.

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Private student loans are another option you can explore if paying for school is too difficult. Typically, they offer quick financing and are also not need-based. You’ll need to have a decent credit score (or a cosigner who does), and you may pay higher rates than you would on federal loans.

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Contacting your school’s financial aid office is also key. According to Leslie Tayne, debt relief attorney at Tayne Law Group, students can request financial aid reviews or even appeal existing financial aid if they are facing personal financial obstacles and cannot afford tuition payments.

“Schools will likely consider requests for appeals for more financial aid,” Tayne said.

“Students can write an appeal letter to their college’s financial aid office and check the school’s website for information about sending the letter and the appeals process.”

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Thanks to the CARES Act, many schools also have emergency grants they can provide to students suffering financially due to COVID-19. Be sure to ask your financial aid office or a financial advisor about these options as well.

In light of all the stay-at-home orders, gig work has increased lately. Americans are using apps like DoorDash, UberEats, Shipt and InstaCart in record numbers, and this is creating more part-time job opportunities than ever for potential workers.

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If you have transportation, consider doing some extra work on one of these or other popular apps. Most let you make your own schedule, and you can usually start working (and saving for college) right away.

It may not be ideal, but transferring to a closer school — perhaps even a community college — can also help if you’re strapped for cash. This would allow you to live at home (without all the dorm costs) and commute to classes. Another nice perk? Courses at community colleges or public state universities are typically more affordable than other options (especially compared to a private college).

“Private and out-of-state universities can significantly increase the total cost of college attendance,” Tayne said. “Students should consider local public colleges if comparable programs are offered. For first- and second-year undergraduates, prerequisite classes can often be taken at local community colleges, which can further reduce the cost of earning a degree.”

If you change schools, be sure to check how your credits transfer. Speak with an admissions counselor or schedule a virtual appointment to discuss your options.

If finances are really tight, taking a year off might be a smart move. Use the time to work, save money, and maybe even take some prerequisite online courses to stay ahead. You might also find an internship in your career that’s ideal to make your gap year even more meaningful.

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Paying for school may be difficult in these unprecedented times, but there is still hope. If you’re worried about paying the bills next school year, update your FAFSA, talk to your financial aid office or financial advisor, and explore gig jobs and private student loans. If all else fails, consider taking some time off and building up your college savings before going back to school.